April 19, 2024
NFT Market Blues: Tiger Global Marks Down BAYC and OpenSea

NFT Market Blues: Tiger Global Marks Down BAYC and OpenSea

Investment firm Tiger Global has reportedly taken a significant markdown on several investments, including stakes in popular nonfungible token (NFT) projects such as the Bored Ape Yacht Club (BAYC) collection and leading NFT marketplace OpenSea.

According to anonymous sources cited by Bloomberg, Tiger Global executed a substantial 69% markdown on its stakes in the Bored Ape Yacht Club and an even more pronounced 94% markdown on its holdings in OpenSea. The investment company also reportedly revised valuations for multiple other portfolio companies.

Tiger Global has been an active participant in various sectors within the crypto space, extending beyond NFTs. Alongside investments in blockchain security, the firm has shown interest in privacy-focused projects. In 2021, Tiger Global co-led a $24 million funding round for blockchain security firm CertiK, emphasizing its commitment to expanding security offerings for the decentralized finance (DeFi) sector.

In 2022, Tiger Global continued its diverse investments, participating in a Series B funding round for zero-knowledge applications platform Aleo, which raised $200 million. Notably, the round was led by investors such as Kora Management LP and SoftBank Vision Fund 2. The same year, Tiger Global also joined the investment ranks of the layer-2 network Polygon.

The markdown of investments by Tiger Global mirrors a trend seen in the NFT space. On November 8, Coatue Management, a co-lead investor in OpenSea, marked down its investment in the NFT marketplace by a staggering 90%. This adjustment reduced the value of Coatue’s stake in OpenSea from $120 million to $13 million, implying a corresponding on-paper valuation drop for OpenSea to $1.4 billion.

Image: Wallpapers.com

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